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EDF Price Rise Shocks The Market

Leading UK energy provider EDF Energy has shocked even the most hardened of sector observers with news of a 20% increase in dual fuel bills - homes which take both gas and electricity off the company - which equates to a total bill of £1200 a year. The size of the increase has taken the authorities and consumer groups by surprise and will lead to others following suit in the next few days and weeks.

While many were expecting a rise sooner rather than later, a figure of around £1000 a year had seemed to be the average forecast. The rate of £1200 a year is also likely to increase as we approach the winter meaning bills could fast approach the £1500 a year level - something which nobody could ever have predicted even just days ago. So what does this mean?

As more and more in society struggle to meet pay bills it seems inevitable that there will be a massive increase in the number of people on the energy breadline. Services which we all took for granted are now moving beyond the reach of many and with the economy slowing and job security at risk, things may get substantially worse before they get better.

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